If you were paying attention to my February recap post you may have noticed that the STX logo was the background of the thumbnail. I also made mention that I will not be locking up my Stacks tokens after the unlock March 15th. I have flip flopped on this decision many times. Because Stacks has been an incredibly volatile coin. I decided that I will restake my STX tokens and I will continue to do so for the foreseeable furture.
In my December 2022 update I admitted that I know nothing about Stacks. The only reason I bought the tokens were because I received some free Canadian dollars from NetCoins. I was toying with APY and yield farming so after I transferred the funds to Binance I trolled their Earn products and discovered Stacks (STX). The description said if I were to lock the tokens for 30days I would receive BTC at a APY rate of 3.5%. Due to Stacks I have added 0.0000835 BTC per month for the last 6 months. I was and still am happy to do that for as long as Stacks continues to drop Satoshis into my account.
Using Binance's autoinvest feature everything would roll back into its self. The Stacks yield pays out in BTC and then BTC gets automatically placed in an interest generating program. Yield on yield. Set it and forget it.
Then late February 2023, something called Bitcoin Ordinals came to light. I have no idea what a Bitcoin Ordinal is but I think it is something to do with NFTs or something. It doesn't greatly matter to me. I bought the Coin for the income stream not the NFT capabilities.
Here is an article about Ordinals from the a website called DeCrypt. Honestly, I did not even read it. The mechanics of most crypto and the gimmick of the week do nott effect me at all. I just want to get to a whole coin. I am happy that one of my holdings has extra functionality but that's outside my thesis. It is very easy to over think this stuff. Paralysis through analysis is a real thing. If you are in the accumulation phase, the biggest driver in your growth is going to be saving. Continue to use dollar cost averaging (DCA) and and continue to trudge forward.
Normally If something were to double in price I sell half and continue to play with free money. In this case I chose not to do that. I was happy to continue to hold STX on the way down, why would I run away from it when things start getting good?
I chose to keep my Stax position open for two reasons.
1- The reason why I bought it.
I bought into STX for the BTC income stream. This income stream has not disappeared. If I like the income stream at $0.38 then why would I dislike it at $0.81? I'm not going to get rid of it because the underlying coin is rising in value? If anything something in value and your thesis on the asset remains the same then it isn't time to sell.
2-Torque.
The Stax market cap is just over $1,000,000,000. Bitcoin has a market cap of 500x that. If Stax operates on the back of Bitcoin, then one could imagine that Stax and Bitcoin would move in tandem. Because of the difference in market cap, a small shift in BTC would presumably create a large ripple in STX. This isn't to say Stax will catch up to Bitcoins market cap. I am now operating on a thesis that it has some catching up to do.
All to say I think it is more likely for STX to increase in value by a factor of 5 than for Bitcoin to do so in the same time period. I will continue to hold my STX tokens until 1 of 2 things become true.
1- The payment in BTC ends and my Bitcoin income disappears.
2- STX hits $5 USDT.
Until one of those two things occur I am happy to be getting my monthly drip of Satoshis.
Referral links if you want to start earning with me:
KuCoin
https://www.kucoin.com/ucenter/signup?rcode=rM3Y31U
Binance
https://www.binance.com/en/activity/referral-entry/CPA?fromActivityPage=true&ref=CPA_00IM6PD2BT
COINapp
Cointiply
Publish0x
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SWEAT Coin
Pi Mining App: https://ca01.z.antigena.com/l/bUNT-vWyii82KEHdfPLA_kH40aUpos9HwKZTcpIYol_txtCGcEN5d~m~QtzH6vvBtAf239EQnQcfcbFnP-gxbkKcbQoPqbKKCmNXOs~9TtIiA8EWN8p_MWUo-wwoyeAyyA-ZcQeKs2ipyNDfTX9Qr7t7~lNq__3DlRub
Coinbase
https://coinbase.com/join/hutchi_am?src=referral-link
Netcoins
https://netcoins.app/r?ac=M8P892
Shake Pay
Keep building!
As always you can join the conversation on Twitter @1BTCproject
And keep track of my crypto journal on my other blog - http://635ed752b3bfb.site123.me/
